Solarcycle raises $6.6M to advance solar panel recycling

Solarcycle, an Oakland, California-based solar system recycling platform, has announced it has raised $6.6 million in growth funding from renewable energy and circular economy investors SolarCity (acquired by Tesla in 2016) founders Peter and Lyndon Rive, former CEO of Sunpower Corp. Systems Tom Dinwoodie, Urban Innovation Fund and Closed Loop Partners.

“At Solarcycle we are driven by the urgent challenge to maximize the sustainability of the raw minerals needed to power the clean revolution,” Solarcycle CEO Suvi Sharma says. “It is exciting to have the financial backing of investors who helped launch and scale the solar industry, as well as venture funds specializing in creating the needed infrastructure for the circular economy.

“This funding will allow us to scale our advanced recycling operations in North America, enabling us to start handling the millions of solar systems that will be retiring in the coming years.”

Julie Lein of Urban Innovation Fund says of the project, “Solar energy is the fastest-growing energy source in the U.S. But with more solar panels comes more waste. Solarcycle has an exciting vision to transform the way we recycle and re-use solar panels—and they have the right team to pull it off.”

According to Solarcycle, increasing amounts of solar panels are being replaced with newer versions. The older panels contain high-value metals like silver, aluminum and high-grade silicon. For Peter Rive, co-founder and chief technology officer of Solarcycle, this is a large reason why he invested in the company.

“I was involved with commissioning the first wave of large and utility-scale solar installations, and I am excited to be involved with Solarcycle,” says Tom Dinwoodie, co-founder of Sunpower. “I firmly believe the transition to a renewable economy must be coupled with full attention to developing a circular economy for addressing the mineral scarcity and looming waste problem coming our way. The team at Solarcycle is well-positioned to turn this emerging problem into an opportunity, and I welcome them bringing their technical insight and innovation to address the recycling needs of the industry.”

Solarcycle, which was founded in 2022, aims to offer asset owners a low-cost, eco-friendly and comprehensive process for recycling retired solar panels and technologies and repurposing them for new uses. The company says it uses proprietary technology to extract valuable metals such as silver, silicon, copper and aluminum.